Mining

Former Calibre Group boss Rodney Baxter has been named chairman of mineral sands miner MZI Resources, following Malcolm Randall’s retirement from the role today.

Gold miner Northern Star Resources has increased its dividend payout after confirming a 65 per cent jump in full-year profit, on the back of higher gold prices and a reduction in costs.

Fortescue Metals Group has hoisted its final dividend to a record high after a partial rebound in iron prices and lower costs helped the Pilbara miner more than treble full-year profit.

Padbury Mining directors Gary Stokes and Terry Quinn have each been fined $25,000 and banned from being company directors for three years after the Federal Court found their announcement of a $6 billion funding deal for the Oakajee port and rail project was misleading and deceptive.

Ramelius Resources has enjoyed a fruitful year, with profit up 71 per cent on the back of increased production and lower costs.

Blackham Resources has completed a $25 million capital raising ahead of achieving first production at its Matilda gold project near Wiluna.

Diversified business Mineral Resources has increased the size of its dividend payout on the back of an improved underlying profit and despite a statutory net loss.

Shares in local contractor NRW Holdings soared on news the company had returned to the black with $21.5 million in profit for the 2016 financial year.

Local explorer Geopacific Resources has kicked off a $15 million capital raising to fund the earn-in and development of the Woodlark gold project in Papua New Guinea.

Graphite hopeful Kibaran Resources has received firm commitments for a $10.9 million capital raising to fund development work at its Epanko project in Tanzania.

An $86 million insurance settlement accounted for almost the entirety of Perth-based iron ore miner Mount Gibson Iron’s profit result for the 2016 financial year, however it was a substantial improvement on last year’s $911.4 million loss.

Junior miner Kidman Resources has tapped investors for $21 million to fund exploration work at its gold and lithium deposits in the Goldfields.

Perth-based Rox Resources accepted a revised offer from Marindi Metals for its stake in the Reward zinc-lead project in the Northern Territory, with the new cash-and-scrip deal worth $21 million.

Miner BHP Billiton has posted a loss of $US6.4 billion for the 2016 financial year following its $7.2 billion impairment of US shale assets in January, a slightly better result than had been anticipated by the market.

Engineering group RCR Tomlinson has won a $120 million contract to build processing infrastructure at Rio Tinto’s Silvergrass iron ore mine in the Pilbara.

Regis Resources chairman Mark Clark has sold half of his stake in the Perth-based gold miner, pocketing just under $10.5 million.

Litigation funder IMF Bentham has announced it will fund a shareholder class action against former directors of collapsed miner Kagara, which went into administration in 2012.

Subiaco-based Perseus Mining has awarded engineering company Lycopodium a $38.4 million contract to carry out work at its Sissingue gold project in Cote D’Ivoire, Africa.

Newcrest Mining will pay a dividend for the first time in three and a half years despite a 12 per cent drop in full-year profit.

A new uranium mine in the eastern Goldfields region has been recommended for approval, with a number of strict conditions imposed by the Environmental Protection Authority.

Former federal Liberal MP Sophie Mirabella has found a new career after last month's second consecutive election defeat - working in mining with Gina Rinehart.

Local explorers Danakali and Duketon Mining have raised a combined $11.6 million to fund ongoing work at their respective developments.

The decline in mining investment is set to end by mid-2017 following four years of decline, according to banking giant HSBC.

Perth-based Ausdrill has won a $157 million contract to provide mining services to Perseus Mining’s Edikan gold mine in Ghana.

Local minerals explorer Kasbah Resources has received a takeover offer from a Vietnam-focused nickel miner, which values the target at about $21.1 million.

USA-focused gold explorer Anova Metals has raised $9 million from investors to progress development of its Big Springs project in Nevada, USA.

Scarborough-based West African Resources has tapped investors for a $21 million capital raising to pay off debt and fund ongoing development of its Tanlouka gold project.

Heron Resources is the latest company to announce plans to spin-out its non-core assets into a new company, following similar recent movements by Metals X, TNG and Indiana Resources.

Rio Tinto and BHP Billiton have labelled the reinstalled WA Nationals leader's plan to slug them with higher taxes "ill-conceived" and "damaging".

Rox Resources has received a competing offer for its stake in the Reward zinc project in the Northern Territory, with Marindi Metals saying its offer will expire at 5pm today if it is not accepted. 

Brendon Grylls has snatched back leadership of the WA Nationals and will press the Barnett government to support his plan to slug BHP Billiton and Rio Tinto with a $5 per tonne mining tax.

A move flagged by National Party leadership challenger Brendon Grylls to effectively double the rate of the royalty paid by the state’s two biggest iron ore miners would make Western Australia one of the most punitive jurisdictions for taxes on production of the commodity.